Experts say that purchasing time-saving services is one of the best ways to spend your money to maximize your happiness. Studies have shown that hiring a lawn care service or a maid makes people happier than purchasing material goods. Utilizing time-saving services allows you to buy back some of your time so you can spend it on relaxing, fun activities. Removing some tasks from your to-do list can help relieve stress and boost your mood more than a shopping spree would.
Despite research validating that time-saving services are a good use of money, I’m hesitant to splash out on them. Here’s why.
The Mood Boost May Be Temporary
Researchers still don’t know if the mood boost from purchasing time-saving services is temporary or long-lasting. So to keep your happiness levels up, you may need to hire a cleaner or landscaper to come spruce up your house on a regular basis.
Although it’s nice to occasionally hire a cleaning service to deep clean your home, it can be pretty expensive to employ a maid on a regular basis. Hiring a cleaner costs $40 to $65 per hour on average, which adds up.
Plus, people are prone to hedonic adaptation. This means that we revert to our baseline level of happiness pretty quickly, even after making big lifestyle upgrades like hiring a landscaper. Over time, you may get used to relaxing while someone else mows your lawn. So lawn care services may not be worth the money anymore if you’re not grateful for the extra free time they give you.
I Could Do It Myself
I have a hard time paying someone else to complete household tasks and chores I can do myself. When I spend money on unnecessary services, I feel a bit guilty. Hiring a maid to clean my house when I’m perfectly capable of vacuuming and dusting feels like a frivolous waste of money.
Time-saving services may be worth the cost if you have a demanding job that leaves you time-strapped. But I’m a freelancer with a flexible schedule, so I can definitely manage to do a few loads of laundry throughout the day.
There are some services I have to pay for because they’re outside my area of expertise, such as electrical work and car repairs. But if I can manage a chore on my own or with help from a friend, I try to handle it myself to save money.
Time Is Money
We’ve all heard the saying “time is money.” The concept that time is just as valuable as money is often used as a reason to splurge on time-saving services. However, I view it as a reason to save my money instead.
If I clean my house myself instead of hiring a maid, I may have fewer hours of free time in the present. But investing the money I save on cleaning services will help me retire earlier. Thanks to compound interest, $100 saved and invested today will be worth much more in the future.
Investing even $100 per month at a 10% rate of return will make you a millionaire in 45 years. Imagine how much of your free time you’d be able to buy back if you were a millionaire or close to it! I don’t mind spending extra time mowing my lawn and grooming my dog now if it means I can stop working sooner.
What do you think about time-saving services—are they worth the money? Or would you rather invest that money instead so you can stop working sooner? Let me know in the comments section below!
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Image and article originally from www.savingadvice.com. Read the original article here.